Currency exchange platform WeSwap secures ￡8 million

Around ￡100 million in currency has been exchanged between 300,000 users via WeSwap since it launched in 2015, and it has partnerships with more than 30 businesses in the travel industry.

Peer to peer currency exchange platform WeSwap has secured ￡8 million in series B funding.

Its primary investor is Mayfair-based private equity firm IW Capital and the money will help WeSwap expand into the Asian market and increase its corporate offering.

Around ￡100 million in currency has been exchanged between 300,000 users via WeSwap since it launched in 2015.

The series B funding round follows its crowdfunding campaign, which saw 3,500 people invest in the platform – which has partnerships with more than 30 businesses in the travel industry.

Recent launches include a next-day cash delivery service and a credit offering that is held at 0% for the first 30 days, allowing users to borrow as they spend.

Throughout the end of the year and the start of 2018, WeSwap plans to introduce a budgeting tool to help users plan their travel spending, a rate tracker to allow users to track exchange rate fluctuations, a “smart swap” feature that aids users in exchanging when the rates are strongest, a new app UX rollout and the ability to transfer and send money to friends and family.